Actuarial Outpost
 
Go Back   Actuarial Outpost > Actuarial Discussion Forum > Property - Casualty / General Insurance
FlashChat Actuarial Discussion Preliminary Exams CAS/SOA Exams Cyberchat Around the World Suggestions


Not looking for a job? Tell us about your ideal job,
and we'll only contact you when it opens up.
https://www.dwsimpson.com/register


Reply
 
Thread Tools Search this Thread Display Modes
  #11  
Old 06-22-2018, 03:58 AM
Colonel Smoothie's Avatar
Colonel Smoothie Colonel Smoothie is offline
Member
CAS
 
Join Date: Sep 2010
College: Jamba Juice University
Favorite beer: AO Amber Ale
Posts: 48,109
Default

Quote:
Originally Posted by Marcie View Post
A respectable AUC of a new model is > 0.74.
You gotta factor in the salary of the modeler and the cost of implementation
__________________
Recommended Readings for the EL Actuary || Recommended Readings for the EB Actuary

Quote:
Originally Posted by Wigmeister General View Post
Don't you even think about sending me your resume. I'll turn it into an origami boulder and return it to you.
Reply With Quote
  #12  
Old 06-22-2018, 04:36 AM
Marcie's Avatar
Marcie Marcie is offline
Member
CAS
 
Join Date: Feb 2015
Posts: 8,976
Default

Quote:
Originally Posted by Colonel Smoothie View Post
You gotta factor in the salary of the modeler and the cost of implementation
Ok, then:
Quote:
Originally Posted by Marcie View Post
A respectable AUC of a new model is > 0.74.
.
Reply With Quote
  #13  
Old 06-22-2018, 12:44 PM
AbedNadir's Avatar
AbedNadir AbedNadir is offline
Member
CAS SOA
 
Join Date: Mar 2014
Studying for enlightenment
Posts: 2,131
Default

just use lightgbm
__________________
Reply With Quote
  #14  
Old 06-22-2018, 04:04 PM
Vorian Atreides's Avatar
Vorian Atreides Vorian Atreides is offline
Wiki/Note Contributor
CAS
 
Join Date: Apr 2005
Location: As far as 3 cups of sugar will take you
Studying for ACAS
College: Hard Knocks
Favorite beer: Most German dark lagers
Posts: 62,799
Default

Quote:
Originally Posted by Kalani Sitake View Post
Can you guys give any insight why the retention models of most personal auto insurers seem to think I as a consumer would renew at a +15-25% rate increase every renewal? It's like every single time. I shop every time. I manage to get a more reasonable rate increase with the new carrier, and then a term or two later, I'm back with the original carrier at a similar rate that I had with them originally.
Quote:
Originally Posted by redearedslider View Post
Has this only been happening recently? You might be catching carriers between rate filings as the whole industry has been chasing its tail for the past few years.
Some carriers will lure you in with a "new customer discount" that's good only for the first term.


Or so I've heard . . .
__________________
I find your lack of faith disturbing

Why should I worry about dying? Itís not going to happen in my lifetime!


Freedom of speech is not a license to discourtesy

#BLACKMATTERLIVES
Reply With Quote
  #15  
Old 06-22-2018, 07:34 PM
Kalani Sitake's Avatar
Kalani Sitake Kalani Sitake is offline
Member
CAS
 
Join Date: Aug 2016
Posts: 1,405
Default

Quote:
Originally Posted by redearedslider View Post
Has this only been happening recently? You might be catching carriers between rate filings as the whole industry has been chasing its tail for the past few years.
Past few years, yeah. I've always been willing to shop, but the rate changes have really been forcing the issue in the last couple years.
Quote:
Originally Posted by Vorian Atreides View Post
Some carriers will lure you in with a "new customer discount" that's good only for the first term.

Or so I've heard . . .
My current carrier certainly has something like that explictly shown on the dec page. But if that's the whole story, it's a pretty hefty discount.

Thanks for the responses!
__________________
ka-lah-nee sih-TA-kay
Reply With Quote
  #16  
Old 06-22-2018, 08:41 PM
Marcie's Avatar
Marcie Marcie is offline
Member
CAS
 
Join Date: Feb 2015
Posts: 8,976
Default

Quote:
Originally Posted by Kalani Sitake View Post
Can you guys give any insight why the retention models of most personal auto insurers seem to think I as a consumer would renew at a +15-25% rate increase every renewal? It's like every single time. I shop every time. I manage to get a more reasonable rate increase with the new carrier, and then a term or two later, I'm back with the original carrier at a similar rate that I had with them originally.
Stop getting DUIs, Coach.
Reply With Quote
  #17  
Old 06-22-2018, 08:43 PM
JMO's Avatar
JMO JMO is offline
Carol Marler
Non-Actuary
 
Join Date: Sep 2001
Location: Back home again in Indiana
Studying for Nothing actuarial.
Posts: 37,655
Default

Quote:
Originally Posted by Marcie View Post
Stop getting DUIs, Coach.
Wouldn't that affect the quotes from everyone?
__________________
Carol Marler, "Just My Opinion"

Pluto is no longer a planet and I am no longer an actuary. Please take my opinions as non-actuarial.


My latest favorite quotes, updated Nov. 20, 2018.

Spoiler:
I should keep these four permanently.
Quote:
Originally Posted by rekrap View Post
JMO is right
Quote:
Originally Posted by campbell View Post
I agree with JMO.
Quote:
Originally Posted by Westley View Post
And def agree w/ JMO.
Quote:
Originally Posted by MG View Post
This. And everything else JMO wrote.
And this all purpose permanent quote:
Quote:
Originally Posted by Dr T Non-Fan View Post
Yup, it is always someone else's fault.
MORE:
All purpose response for careers forum:
Quote:
Originally Posted by DoctorNo View Post
Depends upon the employer and the situation.
Quote:
Originally Posted by El Actuario View Post
Therapists should ask the right questions, not give the right answers.
Quote:
Originally Posted by Sredni Vashtar View Post
I feel like ERM is 90% buzzwords, and that the underlying agenda is to make sure at least one of your Corporate Officers is not dumb.
Reply With Quote
  #18  
Old 06-22-2018, 08:47 PM
redearedslider's Avatar
redearedslider redearedslider is offline
Member
CAS
 
Join Date: Oct 2015
Posts: 13,418
Default

Quote:
Originally Posted by Vorian Atreides View Post
Some carriers will lure you in with a "new customer discount" that's good only for the first term.


Or so I've heard . . .
What is the actuarial justification for a new customer discount?
__________________
Quote:
Originally Posted by Abraham Weishaus View Post
ASM does not have a discussion of stimulation, but considering how boring the manual is, maybe it would be a good idea.
Reply With Quote
  #19  
Old 06-22-2018, 08:51 PM
Marcie's Avatar
Marcie Marcie is offline
Member
CAS
 
Join Date: Feb 2015
Posts: 8,976
Default

Quote:
Originally Posted by JMO View Post
Wouldn't that affect the quotes from everyone?
Only the ones using red ink, Ms Marler.
Reply With Quote
  #20  
Old 06-22-2018, 08:53 PM
Vorian Atreides's Avatar
Vorian Atreides Vorian Atreides is offline
Wiki/Note Contributor
CAS
 
Join Date: Apr 2005
Location: As far as 3 cups of sugar will take you
Studying for ACAS
College: Hard Knocks
Favorite beer: Most German dark lagers
Posts: 62,799
Default

Quote:
Originally Posted by redearedslider View Post
What is the actuarial justification for a new customer discount?
In most cases, there really isn't one.

But that doesn't mean the DOI won't allow it for a "small company" to be competitive with large, national insurers.
__________________
I find your lack of faith disturbing

Why should I worry about dying? Itís not going to happen in my lifetime!


Freedom of speech is not a license to discourtesy

#BLACKMATTERLIVES
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 02:05 AM.


Powered by vBulletin®
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
*PLEASE NOTE: Posts are not checked for accuracy, and do not
represent the views of the Actuarial Outpost or its sponsors.
Page generated in 0.20962 seconds with 11 queries